Indian Economy


National Income, GDP

Why Record FDI Inflow is Not a Cause for Celebration?

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World Bank’s “Global Economic Prospects Report” predicts India’s growth as 8.3%

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World Bank’s “Migration and Development Brief”: India is the top receiver of remittances

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Suggestions for Inclusive growth in India

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Money and Banking

RBI’s proposal for regulation of the Microfinance sector- Explained, pointwise

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Significance of SC Ruling on Personal Guarantors for Corporate Loans

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SC Ruling on Personal Guarantor’s Liability for Corporate Debt

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RBI to transfer Surplus Profit to Central Government

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Fiscal Policy

Special treatment under GST for few states is a bad idea

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Global Minimum Corporate Tax and India – Explained, pointwise

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Problems with “one state one vote” structure of GST Council

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The tussle of Digital Services Tax between India and US

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Monetary Policy

Alternatives to Inflation Targeting

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Need of Continuing with Inflation Targeting

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Center to Retain the “Inflation Targeting” at 4% for MPC

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Impact of inflation targeting in India

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Int. Trade and WTO

Why Record FDI Inflow is Not a Cause for Celebration?

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The tussle of Digital Services Tax between India and US

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Road towards a Global Minimum Corporate Tax

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“Merchandise Exports” in May surge 67% to $32.21 billion

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Financial Market

“SWAMIH Fund” Completes First Residential Project

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SEBI’s “Business Responsibility and Sustainability Report” norms mandate ESG overview

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The pandemic won’t impact India’s “credit rating” for 2 years – Standard & Poor(S&P)

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SEBI technical group submits report on “Social Stock Exchanges(SSE)”

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Employment

WHO-ILO Study on the Impact of Long Working Hours

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Unemployment Rate in India Shoots up to 8% in April: CMIE

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Systemic Issues affecting Women’s Participation in labour Market

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Record 11 Crore Worked Under “MGNREGS” in 2020-21

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Energy

Energy Efficient homes are key to low Carbon Economy  

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Ethanol Blending of Petrol and its challenges: Explained, pointwise

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IEA releases “World Energy Investment Report 2021”

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National Mission on Use of Biomass in Thermal Power plants

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Infrastructure (roads, ports, airports and railways)

What is Kerala’s “SilverLine project”?

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“One Nation One Standard Mission” and “Research Designs & Standards Organization”

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“Mekedatu Project” – A Panel to investigate charges of illegal construction

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Finance Ministry grants “infrastructure status for convention centres”

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Industries and Industrial Policies

“Gold hallmarking” Becomes Mandatory

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“OFB Corporatisation” Approved by Cabinet

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Govt launches the first phase of “MCA21 version 3.0” online portal

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Analysing the Social security code 2020 for Informal Workforce

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Other sectors

NITI Aayog releases “Fast Tracking Freight in India” Report

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NITI Aayog Releases “Investment Opportunities in India’s Healthcare Sector” report

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Concerns with the Insurance (Amendment) Bill, 2021

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Spectrum Auctions in India – Explained, Pointwise

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Land Reforms

Model Tenancy Act: Need and Challenges – Explained, pointwise.

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Cabinet Approves Model Tenancy Act

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West Bengal Housing Industry Regulation Act (WB HIRA) is Unconstitutional: SC

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Unique Land Parcel Identification Number (ULPIN) Scheme

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How to read Indian Economy for UPSC

In UPSC IAS preparation, one subject which most of the students find very difficult to start with and understand is Indian Economy. They mostly struggle with the approach, textbooks to follow and how to read Indian Economy related news in the newspaper. 

Indian Economy consists of both static as well current affairs. In this subject, textbook will build your basic understanding and help you to solve around 3-5 % of the total questions asked in the UPSC Prelims exam. Students need to refer multiple sources to better understand Indian Economy and fetch good marks in both UPSC Prelims and Mains. Every year around 10-15% questions are asked in UPSC Prelims exam from static portion, current affairs (schemes) and India Year Book. It has even increased up to 30 % in 2018 and 2019 UPSC Prelims exam. So, in any case students cannot avoid this subject as it is as important as History, Polity and Geography. 

In this article, we will discuss in detail about the study approach of Indian Economy. This article would be very helpful for those who are scared of this subject and always try to run away from this. Once you will understand the basic concepts of Indian Economy, you will start enjoying this subject and eventually you will have a good command over this subject.  

Before starting any subject in UPSC IAS preparation, it is advisable for all the students to see the past year trend of both UPSC Prelims and Mains questions. Indian Economy is part of both UPSC IAS Prelims Syllabus  and UPSC Mains Syllabus. Hence, it becomes very important for the students to study this subject with right approach and have a good understanding over the topics asked in the exam. 

In the following table, we will see the total number of questions asked in the UPSC Prelims exam in last 6 years from Indian Economy: 

Year Total number of questions asked 
2020 14 
2019 28 
2018 29 
2017 14 
2016 15 
2015 21 
 Overview of the UPSC IAS syllabus for Indian Economy: 
Phase Syllabus 
UPSC Prelims- General Studies (Paper I) Economic and Social Development – Sustainable Development, Poverty, Inclusion, Demographics, Social Sector initiatives, etc. 
UPSC Mains- General Studies (Paper III) Economic Development 
Study approach of Indian Economy subject for UPSC IAS: 
  • Read the syllabus: Students need to go through the syllabus of Indian Economy for both UPSC Prelims and Mains. It will give them a detailed guideline about what they have to read and what they have to leave. Print the syllabus and stick that in that in your study table. 
  • Start with the basic NCERT textbooks: To understand the basic concepts. One should start the preparation of Indian Economy with NCERT textbooks. One simply read the book, highlight the important point and revise them. Notes making is not much important here. Following are the NCERT textbooks which one need to read: 
  • Class IX NCERT textbook ‘Economics’ 
  • Class X NCERT textbook ‘Understanding Economic Development’. 
  • class XI NCERT textbook ‘Indian Economic Development’. 
  • Class XII NCERT textbook ‘Introductory Microeconomics’. 
  • class XII NCERT textbook ‘Introductory Macroeconomics’ (Most important). 
  • Take a step forward with advance book: To cover each topic thoroughly and understand everything in detail, students need to refer one advance book for Indian Polity. ‘Indian Economy’ by Ramesh Singh is simple and good book to understand the topics. Here also, one should not run behind taking notes of each topic. Highlighting the things and multiple revision would be helpful for students. 
  • Current Affairs: Indian Economy is totally linked with current affairs. Topics like SLR, RR, GDP are current based. One must refer monthly current affairs magazine to cover current based issues. One thing is very important to note that, no current affairs magazine can substitute the Newspapers. To cover Indian Economy related news, “Economic Times or Business Standards” would be recommendable. 
  • Refer other miscellaneous materials: After reading Economic Survey and Budget, your preparation will be complete. Economy Survey and Budget will give you basic idea about How our country is developing. What is growth, what is the expenditure and revenue? This will help you in both UPSC Prelims and Mains. One can also refer Economic and Political Weekly (EPW) magazine. This is completely optional and will only be helpful when you have completed and revised the other things. 
  • Focus more on Government Schemes and some important topics of Indian Economy: UPSC every year ask lots of questions on Government Schemes related to Indian Economy. Students must cover every schemes thoroughly and they can also make short notes on them and revise them. Some important topics of Indian Economy on which students need to focus more are: 
  • National income accounting, GDP, GNP, inflation, balance of payment, fiscal policy, monetary policy, RBI, PSL, NBFC. 
  • Finance commission – terms of references, themes. 
  • International organizations – World Bank, IMF, WTO, UNCTAD, WEF and their reports. Bodies like G-15, G-7, G-33, etc. 
  • Basic economic terms, demographic dividend, inclusive growth. 
  • Taking help of online sources: Students should utilize the benefits of integration of technology in education. Topics which they find difficult to understand, can easily get command over those topics with the help of You tube, online classes etc. On these platforms, they can read and revise the topics multiple times.    
  • Refer Previous year UPSC Prelims and Mains questions: Analyzing the past year papers will help students to have a clear understanding of which types of questions are asked by UPSC. On these lines, students should give the second reading to the advance book and NCERTs.  
  • Practice mock tests: After completing the syllabus once, students need to give mock tests. Firstly, they can solve MCQs topic wise. After that, weekly they can solve MCQs based on complete syllabus of Indian Economy. It will help them to reduce their fear and also build their logic on solving MCQS. 
  • Answer writing practice: After completing the whole syllabus once, students must start answer writing practice on Previous Years Question of UPSC Mains. They should also practice daily/weekly answer writing based on their capacity.   
  • Revision is the key: Revision is the key to Success. Students need to revise each and every topic multiple times. Revision will boost their preparation and help to make a blueprint of everything in the back of the mind. It will reduce the time taken in the final exam (Prelims and Mains) to solve the questions. 

Indian Economy is an interesting and concept-based subject. One cannot understand the subject if will try to simply mug up the things like in History they do. Understanding the things and solving MCQs with logic will help them a lot.